In March 2026, prices for tungsten, sulfur, and helium have surged dramatically, with tungsten tripling since December, highlighting global reliance on Chinese supply chains amid Middle East conflicts.
Commodity Price Surge Outpaces Oil
- Prices for the three niche commodities have jumped more than oil in some cases, with Brent crude up over 50% in March.
- Goldman Sachs analysts warned of higher disruption risks in chemicals and industrial materials based on extensive meetings in China.
Tungsten Hits Record Highs
- Tungsten benchmark (ammonium para tungstate) surged to over $3,000 per metric ton unit (MTU), up over 50% in March and tripling since late 2025.
- Almonty reopened a major mine in Sangdong, South Korea, and plans U.S. production in Montana to diversify supply.
- CEO Lewis Black noted extremely strong defense sector demand but no significant stockpiling despite the Iran war.
Sulfur Market Faces "Super Squeeze"
- Sulfuric acid prices in Africa rose at least 30% since the war began; China sulfur prices increased 13% to $621 per tonne by March 26.
- S&P Global analysts caution that a 2-3 month blockade could cause a severe supply shock, as 56% of China's sulfur imports came from the Middle East in 2025.
- HSBC described the situation as a "super squeeze" in this obscure commodity.
Helium Supply Disrupted by Qatar Attacks
- Helium prices have roughly doubled since the Iran conflict started, with Qatar—a producer of one-third of global helium—crippled by missile attacks.
- Prices in China's Henan province climbed from 545 to 600 yuan per bottle, reversing a downturn.
- Fitch Ratings noted that private contracts make industry-wide prices hard to pinpoint, and supply restoration is not expected soon.